Medinas Health Closes $1 Million Seed Round Co-led by Ashton Kutcher & Guy Oseary’s Sound Ventures and General Catalyst’s Rough Draft Ventures
Originally published on MarketWatch
Medinas Health — a data-driven marketplace helping healthcare organizations safely and securely buy and sell their surplus and short-date medical supplies and equipment — announced today that it has raised $1M in its oversubscribed seed round. The round was co-led by Ashton Kutcher & Guy Oseary’s Sound Ventures and General Catalyst’s Rough Draft Ventures, additional investors included: Precursor Ventures, Trammell Ventures and Angels.
Medinas Health first gained attention at last year’s Forbes Change the World Competition by edging out over 1,000 other entrepreneurs to win the $500,000 grand prize. The winning pitch? “We are a team of engineers, product specialists, medical professionals and healthcare investors and we are all working together,” Medinas’ CEO Chloe Alpert said. “Imagine a future where healthcare costs can go down instead of up.”
Medinas Health aims to save a significant part of the $765 billion in wasted healthcare dollars by:
- Assisting healthcare organizations to monetize: (1) surplus medical supplies/equipment, and (2) short date products that would otherwise be discarded, therefore significantly reducing medical waste.
- Integrating Medinas Health’s platform with existing systems and workflows at healthcare organizations to provide a seamless and user-friendly buying and selling experience.
- Providing rural hospitals and clinics with access to reduced cost supplies to help bring care to every area of the country.
With the seed round closed, Medinas Health plans to launch a beta to pilot its platform with partners in mid-2018. Medinas’ goal is to build out initial sales by onboarding healthcare organizations (e.g., hospitals, ambulatory surgical centers, vet practices, and nursing homes) and product suppliers (e.g., original equipment manufacturers).
ABOUT ROUGH DRAFT VENTURES
Rough Draft Ventures is General Catalyst’s student-focused program that backs founders at the university level. RDV is supporting and connecting the largest network of student entrepreneurs. To-date, RDV has backed more than 130 companies founded by student entrepreneurs emerging from Harvard, NYU, Yale, MIT, Northeastern, Penn, Tufts and Brown, among others.
ABOUT GENERAL CATALYST
General Catalyst is a venture capital firm that makes early-stage and transformational investments. The firm backs exceptional entrepreneurs who are building innovative technology companies and market-leading businesses, including Airbnb, ClassPass, Datalogix, Datto, Demandware, Gusto, The Honest Company, HubSpot, KAYAK, Oscar, Snap, Stripe, and Warby Parker. The firm has offices in Cambridge, MA, New York City, Palo Alto, and San Francisco. For more information, visit: www.generalcatalyst.com.
ABOUT SOUND VENTURES
Sound Ventures is an LA-based venture capital firm founded by Ashton Kutcher and Guy Oseary. Since its founding in early 2015, Sound has invested in a wide range of technology companies — from enterprise to consumer, early stage to growth. Sound brings a unique and differentiated network to the venture community: artists, marketers, innovators and content creators. Our portfolio includes Gusto, Acorns, Robinhood and Hooked, among others. For more information, visit: http://www.sound-ventures.com/.
ABOUT MEDINAS HEALTH
Based in San Francisco, California, Medinas Health is a data driven marketplace to help healthcare organizations safely and securely buy and sell their surplus and short date medical supplies. To learn more, please visit: www.medinashealth.com.